Global Shipping Business Network (GSBN) has announced that Hapag-Lloyd will adopt IQAX eBL to issue electronic bills of lading (eBL) over its infrastructure, offering greater efficiency, visibility and control for its customers.
The not-for-profit data exchange platform said this reinforces Hapag-Lloyd's commitment to fully adopt eBLs by 2030, as well as to offer greater choice to its customers with an effective digital solution to address the volatile and complex supply chain needs of today.
To enable further industry adoption, GSBN also collaborated closely with Hapag-Lloyd and the Digital Container Shipping Association (DCSA) to ensure that data is shared using APIs compliant with the latest version of the DCSA eBL API (version 3.0).
"In a world where global supply chains are increasing in complexity and volatility, there is a greater need for robust digital solutions to address these challenges," said Nilesh Popat, director of service delivery at Hapag-Lloyd.
He added that the IQAX eBL, over GSBN's blockchain network, offers our customers greater choice, visibility, and control.
"This enables our target of achieving 100% electronic bill of lading by 2030 which is a critical milestone for us," Popat further said.
Niels Nuyens, head of digital trade at DCSA, added "The DCSA is pleased to see Hapag-Lloyd and their partners successfully implement our eBL (3.0) standards."
"This is a great milestone in our joint mission to digitalise the container shipping industry, and very important to reach the milestone of 100% eBL in 2030. By adopting these standards, all parties involved are demonstrating true digital leadership and paving the way for a more streamlined and efficient global trade ecosystem," he said.
The IQAX electronic bill of lading (eBL) solution streamlines the documentation transfer process, reducing the timeframe from weeks to seconds.
Traditionally, shippers have used paper-based original Bills of Lading to maintain tight control over the transfer of title. Those seeking digitisation could opt for a Sea Waybill or a Telex Release, although these options may present different risks.
"Now, for the first time, customers can experience the tight control afforded by an original Bill of Lading in a digital solution in which they have access to a unified view of shipment and document milestones. The entire solution is at no extra cost to the customer," the announcement said.
IQAX eBL has already onboarded nine banks, which means customers can benefit from wider access to trade finance. The banks that have partnered with IQAX eBL are Bank of China Limited, Bank of China (Hong Kong) Limited, The Export-Import Bank of China, Shanghai Rural Commercial Bank Co. Ltd., Bank of Ningbo, Bank of Communications Co. Ltd., China Merchants Bank, Shanghai Pudong Development Bank Co. Ltd, and CITIC Bank.
Lionel Louie, chief commercial officer of IQAX, said "The IQAX eBL solution offers a fast, highly reliable system at no additional cost to customers."
He noted that today, it is trusted by more than 12,000 customers, over 180,000 carrier original eBLs have been issued since 2023, and the documentation for an estimated US$29 billion worth of goods has been digitised.
"Our solution gives Hapag-Lloyd's customers full control of the eBL together with complete visibility of the shipment and document milestones," Louie added.
